Mortgage
Security right in rem permitting satisfaction from an asset if the secured obligation is not performed.
Section 447 ABGB defines the pledge right as a right in rem to obtain satisfaction. For registered real estate, section 451 ABGB requires registration of the claim to acquire the security right.
Review question: Which claim and ancillary amounts are secured against which property and at what rank, and which registrations or evidence are in the auction file? Distribution cannot be inferred from the label “mortgage” alone and requires the land register, the file and section 216 EO.
The creditor hub and creditor checklist structure the security documents. For buyers, the file check separates court documents from personal economic assumptions.
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This explanation gives a general overview of Austrian law and does not replace a lawyer’s examination of the individual case.
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Land register
Public register of ownership, encumbrances and rights over real estate in Austria.
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Rank
Land-register priority of an entry, which must be distinguished from the statutory order of distribution.
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Distribution mass
Money dealt with in the court distribution proceeding after the auction to satisfy eligible claims.
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Phone
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